Negotiations are an integral part of the home selling process. Oftentimes, this is also the most complicated part. If your negotiation skills are not sharp enough, you could end up with the short end of the stick. Money won’t be the only thing you could lose – you are also bound to let go of a property that meant so much to you.
For your peace of mind, we recommend these five negotiation tips once you take on the role of property seller.
Have your home professionally inspected
Hiring a professional home inspector to comb through every inch of your home and present their findings validates your home’s fair market value. Since you understand exactly what it is you’re selling, you won’t easily succumb to buyers trying to bargain for less. You will know your home’s strong points and downsides before the buyer does. Moreover, you’ll be better prepared with your responses on why you stand firm with your price.
Know your last price
Another great takeaway from a home inspection is that it lets you know the range of your acceptable price. Before entering into negotiations with a prospective buyer, discuss your ultimate, non-negotiable last price with your real estate agent. Know when to say, “I can’t get any lower,” and stick to it. Don’t be afraid to walk away if you can’t get a good deal. If you partner with an experienced agent, you won’t have trouble finding other prospective buyers for your home.
Don’t let emotions get in your way
One of the most difficult things to do as a home seller is to detach yourself from all sentimental attachments to the property. It’s good to savor memories attached to a home but don’t let these emotions get in the way and add to the difficulty of the selling process. Instead of thinking what your home means to you, think about what it could mean for the buyer. It could very well be the place where they can make their own fond memories, just as you did. Make it easy for them to imagine themselves living in your home. While detaching yourself from your home may be difficult, it contributes to a faster sale.
A fairly priced house will attract a lot of buyers. When you get multiple bids, you can choose from among the bidders the one who can present the highest and best final offers. Prospective buyers will know that they are not the only ones interested in your home. Be careful not to start a bidding war, though, as this can backfire and leave you with no buyer at all. Simply ask them about their final offer, give them a certain deadline (two to three days is usually enough), and choose the one who you think is best.
It helps to have a capable real estate agent with you throughout the home selling process. Allow me, Kathy Seuylemezian, to represent you in your negotiations and put forward your best interest always. Call me at 818.949.5205 or email at kathy(at)imuragent(dotted)com.